Bitcoin is a decentralised cryptocurrency. Its defining characteristic is that no one runs, owns or controls it as a whole. It is this that makes Bitcoin both a significant tool for democracy and very poorly designed. This rebrand positions Bitcoin as a means to undermine the established oligopoly, by eradicating transaction fees, and offering anonymous payments.
For those consumers less bothered about the social cause, the Bitcoin app uses NFC, and QR communication to instantly send and money using a smartphone. This is accompanied by the Merchant Scheme, which allows registered small businesses to accept digital payments free of charge with a smartphone or tablet.
Bitcoin has the potential to limit the power that banks, companies, and even governments have over our lives. Bitcoin is not clandestine, or illicit—xBitcoin offers the privacy and liberty of cash payments, with the convenience and democracy of digital transactions.